What happens at exchange of contracts

Princess_giggles

Hi we're 1st time buyers and are exchanging contracts tomorrow,wondered if anyone could tell me what happens?
We are chain free and the sellers don't live in the house were buying our solicitor says its feasible to complete in 2 weeks time does this sound right?

Fire_Fox

Why aren't you discussing this with your conveyancer? A date for completion will need to be set tomorrow, sounds like that has already been agreed.

Princess_giggles

We have talked to our solicitor about it but it's hard to remember everything when you're being bombarded with information and at the same time working!

Fire_Fox

Maybe write things down, asking your conveyancer to go slower or repeat if needs be, and read it back to them at the end of the conversation so you know you have understood. Or communicate via e-mail.

Princess_giggles

I'll take that advice I have written so much info down it gets confusing and I'm a teacher so I have a bit of a brain!

sailerboy

it's hard to remember everything when you're being bombarded with information and at the same time working!

sounds like the kind of excuse a 13 year old would give when he messes uo the end of term exam!

Princess_giggles wrote: »

I'll take that advice I have written so much info down it gets confusing and I'm a teacher so I have a bit of a brain!

One hopes....

Richard_Webster

When contracts are exchanged you become legally committed to buy the property.

The actual exchange is usually carried out over the phone and solicitors then send the contracts to each other.

You can't exchange if you haven't signed the contract, but signing on its own doesn't commit you.

Also before exchange takes place a date for completion has to be agreed. You will need to check the dates with your solicitor but 2 weeks is a typical period form exchange to completion.

mistykal5

Richard_Webster wrote: »

When contracts are exchanged you become legally committed to buy the property.

The actual exchange is usually carried out over the phone and solicitors then send the contracts to each other.

You can't exchange if you haven't signed the contract, but signing on its own doesn't commit you.

Also before exchange takes place a date for completion has to be agreed. You will need to check the dates with your solicitor but 2 weeks is a typical period form exchange to completion.

I too was wondering what happened during the exchange of contracts - so thank you for clearing that up for those of us not in the know...

csq

Richard_Webster wrote: »

The actual exchange is usually carried out over the phone and solicitors then send the contracts to each other.

You can't exchange if you haven't signed the contract, but signing on its own doesn't commit you.

The words that would have saved me from almost a heart attack a few weeks ago, when I signed the contract, sent and then thought that it meant I have committed, without yet having the mortgage approved ;-) Thankfully, the solicitor explained to me how wrong I was the next day.

kaylz39

Jees some people, you ask for a bit of advice & get grief. If you're here to be sarcastic & talk to people like they're stupid go elsewhere!

Lavendyr

kaylz39 wrote: »

Jees some people, you ask for a bit of advice & get grief. If you're here to be sarcastic & talk to people like they're stupid go elsewhere!

Some really unpleasant posts - please just ignore them!

We bought our first house recently and exchange was such a non-event in the end. We'd built up to it so much and it had been so stressful for so many reasons, and in the end we sat there all day twitching nervously to receive a call from the solicitor about 4pm: "Done!". That was literally it. A bit of an anti-climax after all that stress!

Of course it means a lot more than that - it's the point at which you legally commit to buy, as Richard Webster so clearly explained above.

Exchange is also the point at which you really should get buildings insurance in place as anything that happens after exchange is your responsibility.